Boom! Apple Kicks Out 14 Crypto Exchanges, Including KuCoin and MEXC, From South Korea's App Store

Regulatory Crackdown Hits Hard

Holy moly, the crypto world just got shaken up in South Korea! Apple's gone and yanked KuCoin, MEXC, and 12 other crypto exchanges right out of its App Store. Why? These bad boys were running wild without any registration.

Apple Blocks Access After FIU's Call

Get this, on April 11, Apple started slamming the door shut on these apps. Why? The South Korean Financial Intelligence Unit (FIU) gave them the heads-up. Yep, they said these exchanges were doing business without playing by the rules.

New Users Shut Out, Existing Users Left in the Dark

So, what's the deal? No more new downloads for these apps, and if you've got them already, sorry, no more updates for you. These rogue exchanges were supposed to register but didn't, yet they were still serving up their services to Korean users.

How Were They Operating?

These platforms were all up in South Korea's business, offering sites in Korean, running local ad campaigns, and letting folks trade in Korean won. That's a big no-no without the right registration.

Serious Consequences for Breaking the Rules

South Korea's got strict anti-money laundering laws, and if you're a foreign crypto operator pulling these stunts, you better register with the FIU. If you don't, you could be looking at up to five years in the slammer or a hefty fine of up to 50 million won, about $35,200!

FIU's Mission to Clean Up Crypto

Just last month, the FIU said they're on a mission to block these unregistered virtual asset service providers and keep them away from Korean users. They're not just targeting apps but also their websites.

Protecting Users from Crypto Chaos

The bigwigs say these moves are all about keeping users safe from the wild west of crypto. Without proper oversight, these unregistered exchanges are a real threat, especially when it comes to protecting consumers and keeping finances secure.

Customer Funds at Risk

And here's the kicker—these platforms aren't following basic user protection rules, like keeping customer funds separate from their own. That leaves users super vulnerable if things go south with fraud, insolvency, or service disruptions. If that happens, getting your money back could be next to impossible.

FIU's Call to Action

Listen up, folks! The FIU's telling everyone to double-check if the crypto biz you're dealing with is legit. If it's not, you better pull your virtual assets out of there, pronto!

Google Joins the Fight

And hey, Apple's not the only one in on this action. Google's been at it too, blocking 17 unregistered crypto exchange apps from the Play Store since March 25.

Crypto Craze in South Korea

Despite all this drama, crypto's still blowing up in South Korea. By the end of March, over 16 million locals were using exchanges—that's nearly 32% of the entire population!

Even Public Officials Are In

And get this—one report says that over one in five South Korean public officials were holding digital assets as of March 27. Talk about a crypto fever!